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a any real progress on fiscal cliff talks. phil flynn from price futures group, what is driving oil today? >> no doubt we're not tethered to the fiscal cliff. we're swinging on the rope back and forth. this risk on, risk off, fiscal cliff done, not done, has definitely tighten the market. there is more hine moves in oil today. we had some really good economic data but also here in the united states. that was very strong. we're look at tension in the middle east. we have the ongoing story. the concerns about iran and egypt still running very, very hot makes it more dangerous to be short. now the other good news that we did get, if you remember yesterday we saw a big pop up in heating oil and gasoline because of the power outage at the hess refinery in port reading in new jersey. we did get good news on that front. that is supposed to be fixed. production will start up right away. should be normal. that puts downward pressure on heating oil and gas. good news in the wild ride on the fiscal cliff. melissa: phil, real quick what i
a any real progress on fiscal cliff talks. phil flynn from price futures group, what is driving oil today? >> no doubt we're not tethered to the fiscal cliff. we're swinging on the rope back and forth. this risk on, risk off, fiscal cliff done, not done, has definitely tighten the market. there is more hine moves in oil today. we had some really good economic data but also here in the united states. that was very strong. we're look at tension in the middle east. we have the ongoing story....
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tracy: new your againsy on the fiscal cliff. speaker boehner is demanding a face-to-face meeting with president obama and the pentagon is preparing for the worst. >> it could take a week to clear out the backlog of ships. we're live at the port of los angeles straight ahead. tracy: time for stocks as we do every 15 minutes. nicole petallides on the floor of the new york stock exchange. it has been a wild ride. a lot of it has to do with apple, right? >> the big picture, markets are higher. apple has come under pressure. let's look at the major market averages. the dow is up triple digits, completely erasing losses over last couple days. posting a gain for the week. tech-heavy nasdaq pom cost it is moving to the because weighed down by apple. research and findings have found that apple faces intense competition in the tablet market for ipad and ipad mini and probably will lose market share to android and even microsoft systems. you're seeing apple down 28, almost 29 bucks. a terrible day if you're a shareholder hoping to get to t
tracy: new your againsy on the fiscal cliff. speaker boehner is demanding a face-to-face meeting with president obama and the pentagon is preparing for the worst. >> it could take a week to clear out the backlog of ships. we're live at the port of los angeles straight ahead. tracy: time for stocks as we do every 15 minutes. nicole petallides on the floor of the new york stock exchange. it has been a wild ride. a lot of it has to do with apple, right? >> the big picture, markets are...
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Nov 30, 2012
11/12
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house speaker boehner says fiscal cliff talks, well, they have gone, quote, almost nowhere. that is encouraging, isn't it? when will both sides finally make progress towards a deal? "wall street journal's" gerald seib met with senate minority leader mitch mcconnell. he will be here to tell us what he had to say. tracy: i'm excited. new study says which americans pay the most in taxes and probably not who you think or maybe it is. it raises questions who is really not paying their fair share. ashley: i think it is me by the way. if fiscal cliff wasn't bad enough, food prices will spike in the new year, you remember the drought, plus inaction in congress will cost you more at the checkout. tracy: i remember jeff flock out in those fields right? ashley: can't forget that. tracy: time for stocks as we do every 15 minutes. lauren simonetti on the floor of new york stock exchange today. we got another sign of consumer weakness, didn't we? >> tracy and ashley, consumer spending fell in october, first decline in five months that is keeping a cap on stocks. all three major averages i
house speaker boehner says fiscal cliff talks, well, they have gone, quote, almost nowhere. that is encouraging, isn't it? when will both sides finally make progress towards a deal? "wall street journal's" gerald seib met with senate minority leader mitch mcconnell. he will be here to tell us what he had to say. tracy: i'm excited. new study says which americans pay the most in taxes and probably not who you think or maybe it is. it raises questions who is really not paying their fair...
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Nov 30, 2012
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cheryl: using markets have already priced in the fiscal cliff arguments but why do we see markets get so volatile when john boehner comes out, are almost afraid to see him talk again today because senator reid comes out and down and up. so much reaction. >> you can't rule out the risk that nothing is done and they don't reach an agreement and if taxes go up and spending is cut we will be in a recession next year. and employment 9%, we can't rule that out but it doesn't make sense to let that happen for the administration, the principal of punishing the wealthy is enough to allow the rest of the country to go into a funk doesn't make sense. cheryl: we see numbers and taxing the top 2% do nothing to deal with the overall deficit problem but you also think at the end of the day doesn't matter about the deficit. we are focused on the wrong issue and you are telling long-term investors stay in, don't tinker. >> stay the course. stocks are still cheap, very dumb policy makers at the end of the day. this is not sandy number 2. we can fix it. the stock market is not just the united states. ta
cheryl: using markets have already priced in the fiscal cliff arguments but why do we see markets get so volatile when john boehner comes out, are almost afraid to see him talk again today because senator reid comes out and down and up. so much reaction. >> you can't rule out the risk that nothing is done and they don't reach an agreement and if taxes go up and spending is cut we will be in a recession next year. and employment 9%, we can't rule that out but it doesn't make sense to let...
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there's a lot of concerns pertaining to washington and the fiscal cliff. we're watching any headline that comes out of washington because it can be a market moving event like last week when reid and boehner spoke. that jerks the market around one way or another. december is the best on wall street, the best of the 12 for s&p, but now it's lower one-third of 1%. that's the latest. phil, how is the cme? >> tell you what, the oil prices are really unmoved on the story out of egypt. traders watching that very, very carefully, but, today, the markets seem to be done on concerns about the swelling economy and the fiscal cliff, but this comes on a day when oil production in the united states hit another milestone. oil production last month hit the highest level since 1998, another step towards energy independence in the country, and another reason why oil prices are under pressure. the spread between the u.s. and europe, we're making a lot of progress on the oil production front, but across theeboard, we are seeing products really getting hit. oil, a feature toda
there's a lot of concerns pertaining to washington and the fiscal cliff. we're watching any headline that comes out of washington because it can be a market moving event like last week when reid and boehner spoke. that jerks the market around one way or another. december is the best on wall street, the best of the 12 for s&p, but now it's lower one-third of 1%. that's the latest. phil, how is the cme? >> tell you what, the oil prices are really unmoved on the story out of egypt....
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house speaker boehner said that will be a debating point in the debt ceiling and in the fiscal cliff when it comes to that. ashley: certainly will. milton ms. rought at this, thanks for being with us for your perspective on the market when we see what happens in washington. thanks so much. >> thank you. tracy: he is oozing confidence in washington, isn't he? ashley: yes. dripping with sarcasm i think is more --. tracy: sham else about. i love that word. it's a shambles. there is so much more ahead this hour including a biotech ceo what is hurting innovation in the sector. you guessed it, obamacare. a corda's ron cohen is here. ashley: apple making lots of news with its stock swings. reports it is shifting production away from china back to the u.s. as we do this time every day, look how oil is trading. down nearly 2%. bun a buck 73 at 86.15 a barrel. we'd be right back there is no mass-produced human. every human being is unique. and there is one store tha. the sleep nuer store. the only place in the world you'll find the extraordinarily comfortable sleep number experience. an exclus
house speaker boehner said that will be a debating point in the debt ceiling and in the fiscal cliff when it comes to that. ashley: certainly will. milton ms. rought at this, thanks for being with us for your perspective on the market when we see what happens in washington. thanks so much. >> thank you. tracy: he is oozing confidence in washington, isn't he? ashley: yes. dripping with sarcasm i think is more --. tracy: sham else about. i love that word. it's a shambles. there is so much...